The top Wall Street strategists and money managers responding to our CNBC Trillion Dollar Snap Survey remain bullish after Thursday's big decline in the stock market. Forty-six percent of those answering the survey said they see the drop as a buying opportunity with another 43 percent calling it the beginning of a correction in a long-term bull market. None of those answering the survey said it's the beginning of a bear market.
Ninety-five percent tell us they haven't changed their year-end stock targets since the first Trillion Dollar Survey in mid-July, when four-out-of-five predicted the Dow would end the year around 14,000 or higher. The other 6 percent in the snap survey increased their predictions for the end of the year.
Only 9 percent of respondents said the deal market boom is "over," with 62 percent saying strategic deals will get done and another 30 percent predicting the deal boom will continue after just a "minor hiccup."
Two-thirds of those answering our survey think turmoil in the housing market is "contained," but 59 percent are still recommending that investors stay away from financial services stocks for now.
Invitations to participate in the CNBC Trillion Dollar Snap Survey were emailed to almost 100 of Wall Street's top investment strategists and money managers at 5pm New York time Thursday, one hour after the Dow closed the day with a 311-point loss. Potential participants had until 12 noon today (Friday) to participate by answering a brief online questionnaire. That deadline was four hours before the Dow ended the day with another loss, falling 208 points.
The Survey is not a scientific poll. It represents only the opinions of those who were invited and accepted our invitation to participate.